Fox Valley home prices December 4 2021

Fox Valley home prices December 4, 2021.  New listings of single family homes are up.  102 this week compared to 82 the previous week.  Still ridiculously low.  It usually slows down this time of year.  That does not change buyer’s hopes for finding a home though.

Closed listings of single family homes is up.  244 this week compared to 158 the previous week.  Monday and Tuesday was the end of November when most buyer’s want to close.  Some of these were put off to the beginning of this month because of not getting everything accomplished before the Thanksgiving holiday.

Take a look at the communities with the most activity this week:

Aurora-New 14 $130,000-$595,000

            Closed-43 $110,127-$691,000

Bolingbrook-New 9 $240,000-$550,000

                    Closed-15 $220,000-$505,000

Geneva-New 3 $290,000-$620,000

             Closed-12 $280,000-$590,000

Naperville-New 15 $329,900-$1,050,000

                 Closed-39 $275,000-$1,420,000

Oswego-New 7 $299,000-$434,990

             Closed-13 $250,000-$495,000

Plainfield-New 12 $194,900-$625,000

                Closed-26 $252,000-$710,053

St Charles-New 6 $245,000-$608,500

                  Closed-25 $185,000-$1,599,625

Yorkville-New 1 $350,000

               Closed-12 $235,000-$487,600

Financing, median prices and 2,000 square feet or more

Median list price this week $350,000, last week $359,450.

Closed median price this week $363,942, last week $359,450.

176 single family homes closed this week using Conventional financing with a median price of $385,000, last week 110 at median price of $373,250.

23 closed this week paying cash with a median price of $298,000, last week also 23 at a median price of $315,000.

FHA financing was used this week with 27 homes with a median price of $250,000, last week 18 homes at median price of $288,500.

VA financing was used to buy 13 single family homes with a median price of $390,000 this week, last week 6 homes with median price of $438,500.

144 single family homes closed this week that are 2,000 square feet or more with a median price of $445,450, last week 89 with median price of $450,000.  Minimum price this week was $207,000, last week $260,000.  This gives you and idea of pricing here in the Fox Valley if you are looking for more square footage with either more bedrooms or space for an office.

Conventional is still the most used way to finance buying a home.  If your loan officer qualified you for FHA financing you should ask them to also qualify you for Conventional and see where you are at.  You might be able to purchase a higher price with FHA but if you are up against another offer the seller will most likely take the Conventional offer over FHA.

Contracts accepted this week

Contracts accepted this week on single family homes was down.  147 this week compared to 191 the previous week.  New listings were way down last week so there was not much to choose from.

Look at the communities seller’s accepted the most contracts this week:

Aurora-23                          Naperville-23

Plainfield-20                      West Chicago-10

4 short sales were accepted by seller’s this week.  1 each in Bolingbrook, Plainfield, Plano and Warrenville.  Now they will be submitted to the lender to see if they will also accept.  Prices have increased so much that most times the seller can sell without having to sell short unless they purchased recently.  

A seller has accepted a contract that is contingent on the buyer closing on their current home. 1 with a kick-out clause of 72 hours.

Also, seller’s have accepted contracts that are contingent on the buyer selling and closing on their current home.  1 with a kick-out clause of 72 hours, 4 with 48 hours and 1 with 24 hours.

2021 by the month

Month          New  Closed  Contracts accepted

January             543       649               829

February           561        604               778

March               993      1099              1455

April                1006       926              1387

May                 1088      1288              1289

June                1450      1686              1671

July                  1118       1182              1210

August             1109       1203              1170

September      1083        1411              1251

October            715         973               930

November         557         854               931

December          102         244               147

Totals       10325    12119      13048

June was the best month of the year so far.  I don’t think December will have that much activity.  There is always reasons people need to sell so don’t give up if you are a buyer.

Even though things have slowed down it is still a great time to sell.  Not much competition out there.

Contact us

Call us with all your real estate questions.  Your goal is our goal.  We will do everything we can to help you reach your goal.

Request a home valuation if you are thinking about selling your home.  We will let you know what your home is worth in today’s market and give you a net proceeds that shows you an estimate of the expenses to sell.  This will be updated when an offer comes in and we know all the terms.

Thinking about buying a home?  You need to get pre approved with a loan officer.  Get all your financial information together and get it to your loan officer so they can get you pre approved.  Seller’s want to know that you qualify for their home before they will even consider an offer from you.  The loan officer will give you a letter that shows what you qualify for and what type of loan that will go with an offer when you find the right home.

It is our job to make sure you qualify before we take you looking at homes.  You do not want to fall in love with a home that you don’t qualify for.  We look at many things like how much the taxes are or if the home needs work.  If the taxes are too high or if there is a homeowner Association fee sometimes that can put you over what you qualify for.  It depends on what type of loan you are going for if there are things the home needs to repair and the owner is not willing to make the repairs.

Resources:

• Types of loans and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• IHDA programs

Check with your loan officer for the interest rates you qualify for with your credit score.  The better your credit score, the better the interest rate you will be offered.  If you need to work on your credit score your loan officer will be able to give you some guidance on how to bring up.

If you need recommendations for a loan officer, real estate attorney or home inspector we can give you a few to contact and you can decide who you want to work with.

All data provided is from our MLS MRED, LLC.

Fox Valley home prices December 4 2021.  Have a great week!

Kristine Heiman, SFR, SRS, AHWD

Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

]Montgomery, IL 60538

630-503-6555 ext 101